CASHLESS SOCIETY

SCRIPT
NISHA Semekom everyone. So today we are here to discuss about
cashless society. OHH before I forget, shall we introduce
ourselves.

EVERYONE YES, SURE.

NISSHA Let me introduce myself first. So I'm Anissha. I work as a clerk in

one of the companies in KL and i'm also one of the users who have
experienced issues about this cashless society.

MIMI Hi, my name is Mimi. I work as a cyber security officer in a small

company in Kuantan.

IRA Hi! My name is Syahirah. I am a user and a housewife. Happy to

meet you guys!

CIPAH Hello! My name is Hasyifa. I am the business owner of CC

Company.

SHIQIN
Hi, I am Ashiqin. I am one of the financial officers working at DH
bank

MIRA Hi guys, my name is mira. I work as a marketing officer. its an

honor to know you guys

NISSHA As we already know, nowadays, there are many ways to make

payments. In fact, many users use online payments such as using
credit or debit cards, payway, and many more. This makes it easier
for them to make payments immediately without taking out cash.
Although there are some advantages, there are some issues that
can be obtained from a cashless society.

So based on my experience using this cashless society, I have an

issue where my personal data has been spread by irresponsible
 parties. This is because, Every time I transact electronically, I have
to sacrifice my own data. This not only results in a traceable record
of my payment history but also my personal information. For
example, what I have experienced, there is one private actor who
uses my personal data for personalized marketing without my
knowledge. It is actually very dangerous because they can do
anything with our personal information without us knowing. Not
only that, they can also take our money from the bank without us
realizing it. So what can i conclude based on my issue that the
more information we are floating around online, the more likely it is
to wind up in malicious hands.

How about you Miss Mimi? Do you have any experience on

the issue of a cashless society?

MIMI Yes. As Anissha asked me regarding the issue of a cashless

society,as a cyber security officer I do have an issue that I want to
discuss together. Throughout my experience working as a cyber
security officer, I have seen many cases of online fraud on the rise.
This is because cashless transactions are vulnerable to hacking.
Authorities including American Express, Discover Financial
Services, Mastercard Worldwide and Visa International have
warned that the shift towards a cashless society has its dangers as
digital systems are not immune to online fraud. Therefore, it can be
said that users are more vulnerable to hackers who cause them to
violate users' personal data. In this era of globalization, hackers or
fraudsters use more sophisticated strategies to steal customer data
and become more organized. Besides, if you want to know what
they're going to do with customer data, of course they sell it on the
black market. It is possible for you to buy card details and PIN
codes on the darknet. So I guess, when you are using cashless
payments, it is expected that our data can be stolen and our
privacy can be violated. So ira, what do you think about my
experience? Do you have any opinion regarding this matters?

IRA
Yes, Ashmimi. I totally agree with your opinion. This is
because I had the same experiences as you.

From my point of view, as a user, I have faced system down

problems many times that cause me not to be able to make
payments. So, because of that we know, technology problems
could impact our access to funds. I think you guys also will agree
with me that Technology is not perfect. While electronic payment
processing can be convenient & fast, it can also be unreliable.
Merchants are unable to accept your payments when their system
 is faced with server maintenance issues or system malfunctions. If
a cashless business cannot take paper money as an alternative, its
operation will have to stop entirely until the system returns online.

The outages can happen because of a technical glitch or malicious

attack, it could also be something as simple as a power outage or
internet service failure. For example, according to an article about
cashless in India, the challenges that India might face while
transferring to the cashless society is the penetration of mobile
internet is very low in rural India. So, making India a cashless
society is highly difficult in the current scenario as rural India has
poor internet connectivity.

Other than that, in a cashless society, where even a dead cell

phone battery can cut a customer off from access to his or her
funds, such technology issues can be quite challenging. So,
because of that, I think cash is much more adaptable in difficult
times.

What about you, Ashiqin? As a financial Officer, do you have

any issues about cashless society?

SHIQIN
Thankyou Mrs syahirah for your sharing. As told by Mrs syahirah
regarding the issue of cashless society, I also have a view on the
issue. As someone who works in a bank, I often hear complaints
from users who say that they often have problems spending
excessively when using credit cards. Issues related to this
cashless society will bring harm to society where the temptation to
spend excessively is likely to increase.

As a financial officer, I often hear complaints from users where they

have problems with lack of budget. For example, according to US
Bank research 2016, only 41% of Americans use a monthly budget
to track their family expenses. This means that the majority of
people may not know how much they spend on food, entertainment
and other expenses. They may not even realize that their buying
habits are causing major problems in their lives.
HASYIFAH
Sorry Ashiqin for interrupting you. I would like to ask you,
what will happen if we as users do not calculate the expenses
correctly?

ASHIQIN Good question hasyifah. So, in my opinion, without calculating the

budget correctly, many people make mistakes where they spend
excessively than what they can afford to exceed the limit of the
credit card used or make purchases gradually. This will strain their
finances to the breaking point.

Not only that, people who use credit cards are also often faced with
the problem of failing to take into account the minimum cost. It's
simpler to keep track of significant monthly expenditures like rent,
auto loans, and utility bills mentally. But the little things, like dining
out, purchasing coffee or snacks, or even paying for media
material online without even getting off the sofa, greatly contribute
to expenditures (compared to going out for a movie, which mentally
registers as an expense). Due to being too lazy to spend with cash,
consumers prefer to use credit cards to buy without looking at the
price of goods and service charges. This causes consumers to be
charged high fees for trivial items.

That's all I have to share about the issue of a cashless society.

what do you think about the issue, amira?

MIRA Thank you Ashiqin,

● One of my concerns about the cashless future is if payment

providers charge fees on their customers.

● According to Rizqi in his article, providers can be defined as

companies that provide infrastructure or application services
to customers such as qr pay,tng, shopee pay and grab pay.

● Firstly, as an example, if a person wants to pay for

something, they must pay a cost of RM1 due to the charges.
As a result, these fees will make the users feel as if their
money is being diminished. They will find it inconvenient to
use this cashless payment method. They will also believe
 that paying with cash is preferable because there will be no
extra charge.

ASHIQIN I'm so sorry to interrupt mira, so if the providers charge high

fees to every payment, what happen to small sellers that want
to use cashless payment?

MIRA
● Good question ashiqin for your question, it actually will be
detrimental to small entrepreneurs who simply want to
participate in this cashless payment system. Their small
businesses are not capable of generating a huge income,
thus, paying charges whenever they wish to participate in
this cashless payments era will further burden their business
rather than improving them.

● Okay next, these fees are sometimes higher than the

product’s actual price itself. For example, an ice cream may
only cost around RM0.20, but if they wish to pay with a
cashless payment method, the charges may exceed to an
amount of RM0.50 which is unreasonable for the buyers.

● To add fuel to the fire, this issue could also be a catalyst to

future problems such as a single firm monopolizing the
finance industry. This could lead to a situation where a firm
has complete control over all cashless payment systems.

So how about you Hasyifuck? Do you have any issues

regarding our topic?

CIPAH
Yes sure, Amira. I definitely agree with your statement.
Cashless payments can bring significant advantages, but they
also have some important problems. Anyway,. I am the
business owner of Cc company.

From my point of view, Some of these drawbacks might not be

obvious at first, but businesses need to account for them when
choosing to accept only cashless payments. Certain people have
no other payment option besides cash. These people may fall into
the category of unbanked or underbanked. Businesses who do not
accept cash cannot offer products or services to people without
access to electronic payment methods. In some cases, not
accepting cash might be seen as a form of discrimination because
 it forces these people to leave your store and shop elsewhere. This
may result in some businesses losing clients.

IRA
I’m so sorry to interrupt you Hasyifa,but do you have any
evidence that you can share with us regarding to your issue?

CIPAH
Oh, for your information, Some countries like Sweden have even
set the goal of being totally cashless in the future. The entire world
is not ready to go cashless, however. According to the Pew
Research Center, even while more people are not using paper
money, at least 70% of Americans still make some cash purchases
each week. Roughly a quarter of American households are also
still either underbanked or completely unbanked, which would push
them to the margins in a society that goes completely cashless.

NISSHA thank you hasyifa. we can hear various issues involving in

cashless society such as cashless transaction are exposed to
hacking risks, digital transaction sacrifice privacy, payment provider
could charge fee and many more. Issues like this cannot be taken
for granted and we need to tackle them together. Can anyone give
their suggestions on how to deal with these problems or issues?

MIMI Can I start first? Earlier I heard about an issue where privacy or
personal information has been shared by irresponsible parties and
this issue I think it from miss anissha. For this issue I suggest that
data users should comply with the seven principles in the Personal
Data Protection Act (PDPA.

NISHA sorry for interrupt. Miss mimi, what is data user and personal
data protection act?

MIMI A data user is a person who controls or allows the processing of

any personal data, whether alone or in collaboration with others. In
terms of the Personal Data Protection Act, it shields each person's
Personal Data and Sensitive Personal Data from any kind of
processing by Data Users.
 What I mean by the seven principles is that the data user must
comply with the seven principles of the PDPA.
The first principle is the General Principle, which states that data
users are not allowed to process personal data of data subjects
without their consent. Next, Users must also abide by the Notice
and Choice Principle, which requires that the data subject in
question be informed of the information and purpose of the prefix.
The Principle of Revelation comes in third. Data subjects must be
informed of who (third parties) will get their information. The fourth
is the safety principle. The data user must make sure that the
personal data being processed is securely protected, not changed,
used improperly, or supplied to unauthorized persons. The Storage
Principle, which is the fifth, states that personal data cannot be
kept on file for longer than necessary. The sixth principle is the
Data Integrity Principle, which states that data users must
constantly ensure that personal data is accurate, complete,
up-to-date, and truthful, as well as that it serves the intended
purpose for which it is being saved and processed. Lastly, the
Access Principle. The data subject must have permission from the
data user to update, modify, and delete any personal data that has
been stored.

If user data complies with these 7 principles, the user's personal

information will not be spread and will be guaranteed safe without
being taken or used by irresponsible people.

How about you ashiqin. Do you have any suggestion for other
issue?

SHIQIN Thank you mimi. Your point is well noted. I have an idea about
the issues that Syahirah states, which is technology problems
could impact our access to funds.

So, to solve this issue, I suggest we need to avoid using banks that
often experience system down. For example, as we know in
Malaysia, the bank that always gets complaints from users is CIMB
Bank. So, ideally we should avoid using this bank and we must use
one of the best banks that don't often have problems such as
Maybank. Maybank is ranked as Malaysia’s Safest Bank and one
of the safest in Asia.
 Next, authorities need to expand and improve network width and
internet speed in all areas regardless of urban or rural areas. So
that all users can get a fast internet network to make online
payments. This is because a fast internet network is very important
if you want to implement a cashless society. A weak internet
network causes users to fail to make payments.

Furthermore, in cashless, we need to make sure our smartphone

always has enough battery or the other solution is everyone must
have a power bank as a lifesaver if the phone’s battery dies.This is
because like Syahirah said, we can’t make payments without a
smartphone.

What about you hasyifah? I look forward to hearing your

solution.

CIPAH - Thank you ashiqin for the idea given. it's good and very
interesting to listen to.

As for me, a business owner who often deals with customers, I

recommend for my client to regularly check on their spending
money by monitoring and be flexible on a regular basis.
Customers can use a handwritten budget, financial planning apps
or mobile banking apps to check their spending progress.

For example, according to Ehsan Muhsin, customers can use the

Monefy app to track daily expenses by simply adding any of their
expenses to the app's page. The application will be depicted in the
form of a pie diagram with the time frame they want. This will help
them have more control over their spending habits. Not only that,
they will be more aware of the amount of money they use and the
money that goes into their bank account.

They should also be more flexible.Life can change dramatically.

Instead of having to wipe out emergency money, the goal of
managing their spending is to put themselves in a better position to
handle spending in a way that doesn't require using our credit card.
If they find themselves in a tight spot, they can fight the urge to
overspend by budgeting, strategizing and managing their funds.
 In addition, to avoid spending more than the budget is to focus on
needs rather than wants. For example, make a list of items that
need to be bought only. This is to avoid buying unnecessary items
and avoid waste. Not only that, customers should also set daily
price limits to avoid spending more than they should. Customers
also need to record all the prices of goods purchased to avoid
mistakes from overspending. This not only helps customers
reduce spending limits, but also educates customers in managing
money carefully and fostering a disciplined attitude in spending.

So, how about you syahirah? I'm interested to hear a solution

from you

IRA In my opinion, according to the issue that marketing officer states

about payment providers could charges fees,

I believe there are a number of solutions to this issue. Firstly, the

government must launch guidelines in managing the cashless
payments industry. With proper government supervision, the
providers will be able to control and unreasonable charges towards
the user can be avoided. For example, as we know, nowadays in
Nigeria, almost 90% of their people are close to living in a cashless
society. According to James in his article, The Nigerian
government will take action against providers if they charge high
fees to consumers.

Next, the community must take precautions by selecting a more

profitable provider. This can protect the community from being
taken advantage of by providers. As an example, provider A
charges RM0.10 for each payment, whereas provider B charges
only RM0.05 for each payment. Therefore, Provider B is more
profitable than Provider A. Furthermore, this can protect society
from being duped by providers.

Another approach that I believe is acceptable for this issue is for a

small business owner to collaborate with each other in order to
maximize their earnings and reduce their expenses. This is
extremely beneficial for them as they will not feel burdened and
overwhelmed by the provider's fees.

MIRA Sorry for interrupt, so if the providers still want to charge fees,
what the best way that they can do so that the customer can
 use their provider even though there is a charge.

SYAHIRAH
Thank you mira for the question. If the providers decide to charge
extra fees, they must be innovative in order to attract users. This
includes the provider's effort to offer more services that could
benefit the users through their system. They can also provide
users with any special discount who frequently uses this payment
method. This, more users will be attracted to that service as a
result of this.

Do you have any other solution with our issues that we have
discussed Amira?

MIRA
Yes, thank you Syahirah. I am totally agree with your opinions.
So may I continue this discussion guys? So regarding issues
that business owners state that just now which are Difficulties
towards Customers, i would like to give some solution.

● First of all, you need to consider the payment methods your

customers prefer. Guys,, Not all businesses are the same. If
you're a small business, there's a good chance you won't be
able to use the same payment methods as large enterprises
simply because it's not necessary.

● The best way to know for sure which payment methods you
should accept is by identifying your customers' payment
preferences and implementing those options.

● For example, if your customers like using their cards to pay,

set up a point of sale (POS) terminal.

● If many of your customers have contactless payment cards

or use iPhones a lot, you can accept payments via the Tap
to Pay technology.

● But, if they don't carry cards at all, there are other options
 you can offer, which is cash. An important thing to consider
is that your customers' payment preferences may vary by
age, location, and other demographic factors.

● So it's best to offer different payment options so that you

cater to all your customers' needs.

That's all from my opinion. What about you anissha?

NISSHA Thankyou amira. I totally agree that every small business

need to have different payment options so that they can cater
to all customers' needs.

Oh, Mimi, you mentioned in your main issue about cashless

transactions being vulnerable to hacking. As a user who has used
cashless transactions, I believe that my personal data may be
stolen and sold on the black market. So here, I would like to
provide some suggestions that Mimi might consider to reduce the
risk of user data being breached. I suggest that the government or
authorities hire more auditors and IT security experts to support the
large base of banks and merchants. This is due to a lack of experts
in the field that help tighten cyber security. When you hire more
opportunities for IT security auditors. With that, more experts can
work together to further strengthen cyber security in the world of
cashless transactions. In addition, I also suggest that banks adopt
the payment card industry (PCI) to ensure the security of their
online transactions. The Payment Card Industry Data Security
Standard (PCI DSS) is a set of security standards designed to
ensure that ALL companies that receive, process, store or transmit
credit card information maintain a secure environment. Plus,
security breach notification laws or data breach notification laws
are laws that require individuals or entities affected by a data
breach, or unauthorized access to data, to notify their customers
and other parties of the breach, and take specific steps to remedy
the situation based on the state legislature. Additionally,
implementing cybersecurity breach notification laws in the country
can help increase public awareness of online fraud.

MIMI Wow, those are very good ideas. I think your ideas are great as the
solutions to reduce the potential risk of being hacked during
cashless transactions. Thank you Anissha.

so we can hear many solutions from each of you guys about how
to prevent the issue of a cashless society. For example, amira
mention that we need to consider the payment methods your
customers prefer, and syahirah, she mentioned that the
government must launch guidelines in managing the cashless
payments industry. from syifa that to avoid this problem getting
longer, customers need to monitor and be flexible on a regular
basis. and Nisha, she mentions that the government or authorities
hire more auditors and IT security experts to support the large
base of banks and merchants. In my opinion, these solutions are
beneficial in dealing with this problem. So I can conclude that all
businesses should not completely change their payment methods
to completely cashless transactions to avoid any cyber risk and
reduce hardship for consumers